International Trade Finance & Banking

Read need-to-know updates, commentary, and analysis on International Trade issues written by leading professionals.
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Global Financial Regulators Issue Record-Breaking Fines for Foreign Exchange Benchmark Rate Manipulation

On November 12, 2014, the Commodity Futures Trading Commission (CFTC), the Office of the Comptroller of the Currency (OCC), the UK’s Financial Conduct Authority (FCA), and Switzerland’s Financial Market Supervisory Authority...more

Foreign Investor Protection v. National Sovereignty: The Pros and Cons of Investor-State Arbitration

United States companies investing abroad stand to gain additional legal protections in the near future from two international treaties currently under negotiation intended to safeguard investments of United States investors...more

New ISDA Protocol Will Limit Buy-Side Remedies in a Financial Institution Failure

The ISDA 2014 Resolution Stay Protocol, published on November 12, 2014, by the International Swaps and Derivatives Association, Inc. (ISDA), represents a significant shift in the terms of the over-the-counter derivatives...more

Corporate and Financial Weekly Digest - Volume IX, Issue 46

In this issue: - US Court of Appeals for the District of Columbia Circuit Grants Petition for Rehearing of Decision on Conflicts Minerals Rule - Register for Our 2015 Proxy Season Update Webinar - SEC...more

As Bitcoin Gains Momentum, Focus on Regulation Increases

The virtual currency market has emerged in the United Arab Emirates with Dubai’s first Bitcoin ATM introduced in April 2014. Middle East entrepreneurs have begun launching Bitcoin payment products and SMEs are beginning to...more

Opportunities for Fund Managers Under ChAFTA

China-Australia Free Trade Agreement - On 17 November 2014, China and Australia signed a Declaration of Intent regarding the formalisation of the China-Australia Free Trade Agreement (ChAFTA). The signing marked the...more

OECD proposes curtailing use of commissionaire and other arrangements that aim to avoid PE status

The OECD Focus Group on the Artificial Avoidance of Permanent Establishment (PE) Status recently issued its Proposed Discussion Draft that proposes 14 possible changes to the definition of a PE under Article 5 of the OECD...more

This Week In Securities Litigation

The Commission filed another settled FCPA action this week. The proceeding named two U.S. citizens living abroad as Respondents. The DOJ issued an Opinion discussing successor liability....more

CFTC Proposes to Fix Problematic Oral Communication Recordkeeping Rule

The U.S. Commodity Futures Trading Commission (CFTC) held an open meeting in early November 2014 at which it discussed and proposed, among other agenda items, amendments to rules regarding recordkeeping related to commodity...more

Saudi CMA Draft Rules to Open Foreign Investment in Listed Shares

The Saudi Capital Market Authority (the CMA) has published for consultation its draft rules for Qualified Foreign Financial Institutions - Investments in Listed Shares (the Draft Rules). ...more

FCA Enforcement: The Landscape After FX

This briefing discusses the new approach of the UK’s regulator, the FCA, to regulatory enforcement of wholesale markets, as revealed by the recent settlements between the agency and five banks relating to FX manipulation....more

ESMA Takes First Steps Toward Determining Whether To Extend AIFMD’s Passport to Non-EU AIFMs

On November 7, the European Securities and Markets Authority (ESMA) published a Call for Evidence (available here) seeking industry views that will be used to help shape its opinion and advice required to be provided by July...more

OECD Proposes Changes to the Definition of Permanent Establishment

As previously reported, the Organisation of Economic Co-operation and Development (OECD) published a 15-point Base Erosion and Profit Shifting (BEPS) Action Plan that provided a set of recommendations for a coordinated...more

Canada’s New Trademark Law and What it Means for Business

Through sweeping legislation smuggled in by means of an omnibus budget bill, Canada’s trademark registration regime will be changed more dramatically than at any time in the last 50 years. The changes are giving trademark...more

FCPA Compliance and Ethics Report-Episode 108-Supply Chain Under the FCPA [Video]

In this episode I discuss several different risk based models to evaluate your supply chain under the FCPA or UK Bribery Act. ...more

FCA Requirement for Legal Entity Identifiers

On November 7, the UK Financial Conduct Authority (FCA) has confirmed that it will require all financial institutions conducting business in or from the United Kingdom to have a Legal Entity Identification (LEI). This...more

Tax Challenges Raised by the Digital Economy

On September 16, 2014, the Organisation for Economic Cooperation and Development (“OECD”) released a report on Action 1 of the OECD/G20 Base Erosion and Profit Shifting Project (also known as the “BEPS” project) titled...more

Financial Services Weekly News Roundup - November 2014 #3

FINRA Requests Comment on Proposed “Pay-to-Play” Rule - FINRA issued Regulatory Notice 14-50 requesting comment on proposed “pay-to-play” and related rules that would regulate in a manner similar to Rule 206(4)-5 under...more

Action 6 – Preventing the Granting of Treaty Benefits in Inappropriate Circumstances

Action 6 of the BEPS Action Plan identified treaty abuse as one of the most important sources of BEPS concern. The report offers alternative model provisions for the prevention of treaty abuse given constitutional and other...more

Base Erosion and Profit Shifting: The Australian Perspective

In July 2013, the G20 Finance Ministers, including Australia, fully endorsed the base erosion and profit shifting (BEPS) Action Plan. As a result of the Action Plan, the Australian government encouraged a new commitment to...more

ESMA Consults on Revisions to Trade Reporting Requirements Under EMIR

The European Securities and Markets Authority (ESMA) announced a new consultation to consider revisions to the regulatory technical standards (RTS) and implementing technical standards (ITS) for trade reporting under the...more

Action 5 - Countering Harmful Tax Practices

Action Item 5 of the BEPS Action Plan commits the Forum on Harmful Tax Practices (“FHTP”) to: “revamp the work on harmful tax practices with a priority on improving transparency, including compulsory spontaneous...more

REITs and the Alternative Investment Fund Managers Directive

The implementation of the Alternative Investment Fund Managers Directive throughout the European Union may have implications for REITs in the United States if they are determined to be alternative investment funds or “AIFs”....more

FIO Focus, No.67 - Hearing on the Impact of International Regulatory Standards

On November 18, 2014, the Housing and Insurance Subcommittee of the House Committee on Financial Services held a hearing on “The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers, Part II.”...more

OECD/G20 Base Erosion and Profit Shifting Project

On September 16, 2014, the Organisation for Economic Cooperation and Development (“OECD”) released seven reports addressing certain aspects of the base erosion and profit shifting (“BEPS”) project. The seven BEPS reports...more

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